BTG Hotels(SH:600258)2022-03-30 16:00Financial Performance - In 2021, the company achieved operating revenue of CNY 6,153,086,628.43, representing a year-on-year increase of 16.49% compared to CNY 5,281,880,485.31 in 2020[14]. - The net profit attributable to shareholders of the listed company was CNY 55,676,902.32, a significant recovery from a net loss of CNY 496,005,290.39 in 2020[14]. - The company reported a net cash flow from operating activities of CNY 2,308,314,728.57, an increase of 424.81% compared to CNY 439,835,191.92 in the previous year[14]. - The total assets of the company at the end of 2021 reached CNY 27,005,858,241.02, marking a 62.37% increase from CNY 16,632,574,591.32 at the end of 2020[14]. - The company successfully turned around its performance, achieving a basic earnings per share of CNY 0.0560 in 2021, compared to a loss of CNY 0.5074 per share in 2020[15]. - The company maintained a weighted average return on equity of 0.67% in 2021, recovering from a negative 5.72% in 2020[15]. - The company reported non-recurring gains of CNY 44,731,093.36 in 2021, reflecting various non-operational income sources[18]. - The company’s net assets attributable to shareholders increased by 32.47% to CNY 11,101,050,771.94 at the end of 2021, compared to CNY 8,380,002,205.19 at the end of 2020[14]. Operational Highlights - The company opened 1,418 new hotels in 2021, a 56.0% increase year-over-year, achieving its store opening target for the year[22]. - The number of mid-to-high-end hotels increased to 276 in 2021, with their revenue contribution rising from 42.3% in 2020 to 46.9% in 2021[22]. - 98.1% of new stores in 2021 were opened through franchising, increasing the proportion of franchised stores to 87.3% by the end of 2021[23]. - The company launched 954 new hotels under its light management model in 2021, accounting for 67.3% of total new openings, a 24.8% increase from the previous year[24]. - The total number of members reached 133 million by the end of 2021, representing a 6.4% year-over-year growth[29]. - The company invested CNY 435.48 million in hotel upgrade projects in 2021, an 8.1% increase year-over-year[25]. - The company executed its annual store opening plan successfully, despite challenges posed by sporadic COVID-19 outbreaks in the second half of the year[21]. Market Position and Strategy - The company emphasizes its focus on economic hotels, targeting budget travelers and small to medium-sized business clients[6]. - The company has a strong brand presence in the hotel industry, with a focus on chain hotels and franchise operations[6]. - The company operates under a centralized reservation system (CRS) to enhance booking efficiency across its hotel network[6]. - The company aims to enhance customer experience through the launch of the "UrCove" brand, which has received high praise since its inception[27]. - The company plans to leverage its brand and resources to integrate various service sectors, aiming to create a customer value ecosystem centered around accommodation[42]. - The company plans to open 1,800 to 2,000 new hotels in 2022, focusing on expanding its market share in third to fifth-tier cities[100]. Financial Management and Investments - The company issued short-term financing bonds totaling 1.3 billion yuan in 2021, with interest rates of 2.90%, 3.10%, and 3.09%, effectively reducing financial costs by replacing higher-rate bank loans[34]. - The company successfully completed a private placement of shares, raising 3 billion yuan to improve its capital structure and lower the debt-to-asset ratio, laying a solid foundation for long-term development[34]. - The company’s financial expenses surged by 482.98% to CNY 522,063,489.48, compared to CNY 89,551,425.35 in the previous year, indicating increased financing activities[50]. - The company’s total assets and risk resistance capabilities improved due to successful financing through short-term bonds and private placements[50]. - The company has received financial support from its controlling shareholder, with a total expected amount of up to CNY 2.5 billion for various funding needs[183]. Corporate Governance - The company completed the election of the new board of directors and supervisory board, ensuring a solid talent foundation for the "14th Five-Year" strategic development plan[108]. - The company has established specialized committees within the board, including an audit committee and a strategic committee, to enhance governance[131]. - The company’s board of directors and supervisory board underwent a complete re-election on September 24, 2021[114]. - The company has maintained a stable leadership structure, with no significant changes reported in the current management team during the reporting period[121]. - The total remuneration for all directors, supervisors, and senior management amounted to CNY 17.2643 million[122]. Sustainability and Social Responsibility - The company achieved a 100% coverage rate of energy-saving LED lighting, saving 460 million kWh of electricity over the past five years, equivalent to 184,000 tons of standard coal and reducing CO2 emissions by 458,000 tons[156]. - The company actively promotes the use of eco-friendly materials in hotel renovations, significantly reducing construction noise and dust pollution while shortening construction time by one-third[159]. - The company is committed to rural revitalization, signing contracts to support four villages in Jin Hai Lake to enhance collective economic income, with a focus on purchasing local agricultural products[164]. - The company has actively engaged in consumption poverty alleviation, purchasing nearly 10 million yuan worth of food from poverty-stricken areas[165]. Risks and Challenges - The company faces risks from economic uncertainties, including the impact of the pandemic on tourism and hotel operations, as well as high fixed costs associated with the industry[105]. - The macroeconomic environment in 2021 showed a GDP growth of 8.1%, with a focus on stabilizing growth and expanding domestic demand in 2022[37].